State Gets More Time To Rule On Nu Merger

Consolidated Edison Inc. and Northeast Utilities agreed Tuesday to give state regulators another three weeks to make their final ruling on the unprecedented corporate takeover.

Squeezed by the Oct. 4 statutory deadline for ruling on the case, the state Department of Public Utility Control asked the companies for another extension. They agreed.

"The need for it was becoming obvious. With the draft coming out on Friday, it really compressed the schedule. We know the decision is going to be large and complex. It provides us with the time we need to respond thoughtfully," said Frank Poirot, a spokesman for Northeast Utilities.

The regulators plan to issue their preliminary ruling in the case Friday. The revised schedule calls for written exceptions to be filed by Sept. 29, oral arguments to be heard on Oct. 4 and the final decision to be issued Oct. 25.

Without the extension, the $7.5 billion takeover application would have been considered approved if no final ruling had been made by Oct. 4.

The takeover would create the nation's largest electricity and natural gas distribution company, in terms of customers, and save an estimated $1.3 billion over 10 years.

Consumer advocates continue to oppose the deal, saying it is not in the best interests of the state and NU's employees and customers.